The New Zealand state-owned Meridian Energy is buying hydroelectric projects in Australia, it's first investment in that country
The New Zealand state-owned power generator Meridian Energy is buying a group of small hydroelectric projects in Australia in order to gain a foothold in the Australian market. The deal represents the company’s first investment in Australia, a market which could eventually account for more than 15 per cent of its generation, the company claimed.
The five projects are in New South Wales and Victoria. Four are operational and one is nearing completion. They are being sold by the Australian company Power Facilities. The five plants will have a combined generating capacity of 62 MW; Meridian’s capacity in New Zealand is 2300 MW.
Meridian’s chief executive, Keith Turner, believes the move will allow the company to exploit the growing market for renewable energy in Australia. It could achieve a generating capacity of around 500 MW within ten years, he claimed. Australian generating companies are obliged to produce 2 per cent of their output from renewable sources by 2010.